As Krugman sees it, all these "serious people" spout nothing but cliches (entitlement reform! more education! tax reform! more help for small businesses! more skilled workers!) whereas the crux of the problem in the US, says Krugman, is lack of demand, and our pathetic response to the crisis (not enough fiscal stimulus). Because all these smart people believe nonsense, the title of Krugman's post was We're Doomed.

Without a doubt, the best part of the video is where Carly Fiorina gives a big soliloquy about tax rates and how high they are, and how it's killing competitiveness, and Krugman flatly responds: "Nothing you just said about taxes is actually true." That specific moment starts around the 8:14 mark.